Atotech, a Carlyle-backed specialty chemicals company carved out of Total, reported financial results for the fiscal year ended December 31, 2019, in an amendment filed with the SEC on Monday. It originally filed for an IPO in January 2020 with a deal size Renaissance Capital estimates to be $1 billion. The company also added Barclays, Deutche Bank, Jefferies, RBC, UBS, Baird, BMO, HSBC, and Mischler Financial as underwriters, joining lead bookrunners Citi, Credit Suisse, BofA Securities and J.P. Morgan.
For the year ended 2019, revenue fell 2% to $1.2 billion. Gross margin improved 50 bps to 59%. EBITDA fell 3% to $380 million and EBITDA margin was about flat at 32%. Net margin improved 260 bps to 1%. Operating cash flow fell 19% to $135 million.
In the latest filing, Atotech addressed the impact that the coronavirus will have on its business, stating that a significant portion of revenue and manufacturing is derived from China. The company expects its results for the quarter ending March 31 to be adversely impacted.
The Carlyle Group acquired Atotech in 2016 for $3.2 billion.
Atotech was founded in Berlin, Germany in 1993 and plans to list on the NYSE under the symbol ATC.
